*********************************************************************************************
*********************************************************************************************
* Summary tables: 
*********************************************************************************************
*********************************************************************************************


*********************************************************************************************
* Table 1
*********************************************************************************************
clear
use forSummaryTables	
	gen startups=1
	collapse (sum) startups , by(pri_category)
	
clear
use forSummaryTables	
	gen startups=1
	collapse (sum) startups , by(startup_loc)	


*********************************************************************************************
* Table 2
*********************************************************************************************	
	
* Table 2: Panel A
clear
use forSummaryTables	
		local vars serialEntrepDum invPrevConn   earlyFunds vcInEarlyStages	timeToSeriesA1 ///
		survSeriesB laterFunds 	vcInLaterStages	succExit acquired ipo ///
		board nonInvBoard invBoard vcInvDir nonvcInvDir noDirs noNonInvDirs noInvDirs dirFounderConn dirInvConn ///
		dum_founder dum_boardRole dum_executiveProf dum_noPatentsRol dum_MnA dum_IPO dirExp compExp 
	local opt "replace"
	tempname hh
	file open `hh' using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\allStartupsSumm.tex", write `opt'
	file write `hh' "\begin{tabular}{l*{6}{c}} \hline \hline" _n
	file write `hh' " {Variable} & {Mean} & {SD} & {p25} & {p50} & {p75} &{N}\\ \hline " _n
	
	foreach v of local vars {
	local label : variable label `v'

	if "`v'" == "serialEntrepDum"{
		file write `hh' " \multicolumn{7}{l}{\textbf{\textit{Early-stage Startup Characteristics}}}\\" _n
	}
	if "`v'" == "survSeriesB"{
		file write `hh' " \multicolumn{7}{l}{\textbf{\textit{Later-stage Outcomes}}}\\" _n
	}
	if "`v'" == "board"{
		file write `hh' " \multicolumn{7}{l}{\textbf{\textit{NE DIrector Characteristics}}}\\" _n
	}
	if "`v'" == "dum_founder"{
		file write `hh' " \multicolumn{7}{l}{\textbf{\textit{Early NE Director Experience}}}\\" _n
	}
	file write `hh' "`label'" " & "
	qui summarize `v', d
	
	file write `hh' %9.2f (r(mean)) " & "
	file write `hh' %9.2f (r(sd)) " & "
	file write `hh' %9.2f (r(p25)) " & "
	file write `hh' %9.2f (r(p50)) " & "
	file write `hh' %9.2f (r(p75)) " & "
	file write `hh' %9.0f (r(N)) " \\ " _n
	}
	file write `hh' "\hline \end{tabular}"  _n
	file close `hh'


* Table 2:  Panel B	
clear
use forSummaryTables
	gen surviving=1
	collapse (sum) surviving board nonInvBoard invBoard vcInvDir nonvcInvDir , by(board_formation_stage)
		


*********************************************************************************************
* Table 3
*********************************************************************************************	
		
* Table 3: Panel A
clear
use dirFirmPairs_1stAppmt
	keep if tie==1
	
	la var dum_founder "Entrepreneurial exp."
	la var dum_boardRole "Board exp."
	la var dum_executiveProf "C-suite exp."
	la var dum_noPatentsRol "Patent exp."
	la var dum_ipoExp "IPO exp."
	la var dum_acqExp "M\&A exp."
	la var dir_exp "Director exp. index"
	la var compExp "Complementary index"
	
	gen nonInv_vc=cond(nonInvBoard==1,1,.)
	replace nonInv_vc=cond(nonInv_vc==.&vcInvDir==1,0,.)	
	gen nonInv_angel=cond(nonInvBoard==1,1,.)
	replace nonInv_vc=cond(nonInv_vc==.&nonvcInvDir==1,0,.)	
	gen vc_angel=cond(vcInvDir==1,1,.)
	replace nonInv_vc=cond(vc_angel==.&nonvcInvDir==1,0,.)
	
		
	local vars dum_founder dum_boardRole dum_executiveProf dum_noPatentsRol dum_MnA dum_IPO dirExp compExp 
	local opt "replace"
	tempname hh
	file open `hh' using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\early_dir_exp.tex", write `opt'
	file write `hh' "{\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}" _n
	file write `hh' "\begin{tabular}{l*{7}{c}} \hline \hline" _n
	file write `hh' " & \multicolumn{1}{c}{Early Non-investor Director} & \multicolumn{1}{c}{Early VC Director} & \multicolumn{1}{c}{Early Angel Director} & \multicolumn{1}{c}{Founder} & \multicolumn{3}{c}{t-test} \\ \cmidrule(lr){2-2} \cmidrule(lr){3-3}  \cmidrule(lr){4-4} \cmidrule(lr){5-5} \cmidrule(lr){6-6} \cmidrule(lr){7-7} \cmidrule(lr){8-8} "  _n
	file write `hh' " {} & {(A)} & {(B)} & {(C)} & {(D)} & {(A-B)} & {(A-C)} & {(B-C)} \\ \hline " _n
	
	foreach v of local vars {
	local label : variable label `v'
	
	file write `hh' "`label'" " & "
		
	qui summarize `v' if nonInvBoard==1, d
	file write `hh' %9.2f (r(mean)) " & "
	file write `hh' %9.2f (r(sd)) " & "
	
	qui summarize `v' if vcInvDir==1, d
	file write `hh' %9.2f (r(mean)) " & "
	file write `hh' %9.2f (r(sd)) " & "
	 
	qui summarize `v' if nonvcInvDir==1, d
	file write `hh' %9.2f (r(mean)) " & "
	file write `hh' %9.2f (r(sd)) " & "
	
	qui summarize `v' if found_team==1, d
	file write `hh' %9.2f (r(mean)) " & "
	file write `hh' %9.2f (r(sd)) " & "

	
	qui ttest `v' , by(nonInv_vc) 
	local v2=(r(mu_2))
	local v1=(r(mu_1))
	local diff_v1=`v2'-`v1'
	local strs1 = (cond(r(p)>0.1,"",cond(r(p)>0.05,"\sym{*}",cond(r(p)>0.01,"\sym{**}",cond(r(p)<=0.01,"\sym{***}","")))))
	file write `hh' %9.2fc (`diff_v1') "`strs1'" " & " 
	
	qui ttest `v' , by(nonInv_angel) 
	local v4=(r(mu_2))
	local v3=(r(mu_1))
	local diff_v2=`v4'-`v3'
	local strs2 = (cond(r(p)>0.1,"",cond(r(p)>0.05,"\sym{*}",cond(r(p)>0.01,"\sym{**}",cond(r(p)<=0.01,"\sym{***}","")))))
	file write `hh' %9.2fc (`diff_v2') "`strs2'" " & " 
	
	qui ttest `v' , by(vc_angel) 
	local v6=(r(mu_2))
	local v5=(r(mu_1))
	local diff_v3=`v6'-`v5'
	local strs3 = (cond(r(p)>0.1,"",cond(r(p)>0.05,"\sym{*}",cond(r(p)>0.01,"\sym{**}",cond(r(p)<=0.01,"\sym{***}","")))))
	file write `hh' %9.2fc (`diff_v3') "`strs3'" " \\ " 	
		
	
	}
	file write `hh' "\hline \end{tabular} }"  _n
	file close `hh'	
				
		
		
		
* Table 3: Panel B		
		
clear
use dirFirmPairs_2ndAppmt
	keep if tie==1
tempfile secondRnd
save `secondRnd'
clear
use dirFirmPairs_3rdAppmt
	keep if tie==1
tempfile thirdRnd
save `thirdRnd'
clear
use dirFirmPairs_1stAppmt
	keep if tie==1
	gen early_dir=1
	append using `secondRnd' `thirdRnd'
	replace early_dir=0 if early_dir==.
	
	
	la var dum_founder "Entrepreneurial exp."
	la var dum_boardRole "Board exp."
	la var dum_executiveProf "C-suite exp."
	la var dum_noPatentsRol "Patent exp."
	la var dum_ipoExp "IPO exp."
	la var dum_acqExp "M\&A exp."
	la var dir_exp "Director exp. index"
	la var compExp "Complementary index"
	
	local vars dum_founder dum_boardRole dum_executiveProf dum_noPatentsRol dum_MnA dum_IPO dirExp compExp 
	local opt "replace"
	tempname hh
	file open `hh' using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\early_v_later_dir_exp.tex", write `opt'
	file write `hh' "{\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}" _n
	file write `hh' "\begin{tabular}{l*{3}{c}} \hline \hline" _n
	file write `hh' " & \multicolumn{1}{c}{Early NE Director(A)}  & \multicolumn{1}{c}{Later NE Director (B)} &  (A-B) \\ \cmidrule(lr){2-2} \cmidrule(lr){3-3}  \cmidrule(lr){4-4} "  _n
	file write `hh' " {Variable} & {Mean} & {Mean} & {SD} & {t-test} \\ \hline " _n
	
	foreach v of local vars {
	local label : variable label `v'
	
	
	file write `hh' "`label'" " & "
		
	qui summarize `v' if early_dir==1, d
	file write `hh' %9.2f (r(mean)) " & "
	file write `hh' %9.2f (r(sd)) " & "
	
	qui summarize `v' if early_dir==0, d
	file write `hh' %9.2f (r(mean)) " & "
	file write `hh' %9.2f (r(sd)) " & "
	 
	qui ttest `v' , by(early_dir) 
	local v2=(r(mu_2))
	local v1=(r(mu_1))
	local diff_v=`v2'-`v1'
	local strs = (cond(r(p)>0.1,"",cond(r(p)>0.05,"\sym{*}",cond(r(p)>0.01,"\sym{**}",cond(r(p)<=0.01,"\sym{***}","")))))
	file write `hh' %9.2fc (`diff_v') "`strs'" " \\ " 	
		
	

	}
	file write `hh' "\hline \end{tabular} }"  _n
	file close `hh'	

	
	
*********************************************************************************************
*********************************************************************************************
* Regression tables: 
*********************************************************************************************
*********************************************************************************************
	

*********************************************************************************************
* Table 4: Matching of startups and early directors
*********************************************************************************************	

* Panel A  
clear
use dirFirmPairs_1stAppmt
	merge m:1 person_uuid yr using dirExpPanel, keepusing(dum_founder dum_boardRole dum_executiveProf dum_noPatentsRol dum_MnA dum_IPO dirExp compExp)
	drop if _merge == 2
	drop _merge 
	merge m:1 company_uuid yr using frdExpPanel, keepusing(dum_founder_fi dum_boardRole_fi dum_executiveProf_fi dum_noPatentsRol_fi dum_MnA_fi dum_IPO_fi fi_exp)
	drop if _merge == 2
	drop _merge 
	
	
	local vars dum_founder dum_boardRole dum_executiveProf dum_noPatentsRol dum_MnA dum_IPO dirExp compExp dum_founder_fi dum_boardRole_fi dum_executiveProf_fi dum_noPatentsRol_fi dum_MnA_fi dum_IPO_fi
	foreach v of local vars{
		replace `v'=0 if `v'==.
	}
	
	
	la var  normDist2 "Experience Distance"	
	la var founder_normDist "\hspace{0.3in} Entrepreneurial Exp. Distance"
	la var boardRole_normDist "\hspace{0.3in} Board Exp. Distance"
	la var noPatentsRol_normDist "\hspace{0.3in} Patent Exp. Distance" 
	la var executiveProf_normDist "\hspace{0.3in} C-suite Exp. Distance"
	la var otherProf_normDist "\hspace{0.3in} Other Prof. Exp. Distance"
	la var acqExp_normDist "\hspace{0.3in} M\&A Exp. Distance"
	la var ipoExp_normDist "\hspace{0.3in} IPO Exp. Distance"
	

	
	
estimates clear		
	eststo: areg tie dirIsPrevInv fndrConn invstrConn   ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	
	
	eststo: areg tie dirIsPrevInv fndrOverlapEduc  founderJobConn founderStartupConn invstrOverlapEduc invstrJobConn invstrStartupConn   ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	
	eststo: areg tie dirIsPrevInv fndrConn invstrConn   ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages if nonInvBoard==1, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	
	eststo: areg tie dirIsPrevInv fndrConn invstrConn   ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages if vcInvDir==1, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	
	eststo: areg tie dirIsPrevInv fndrConn invstrConn   ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages if nonvcInvDir==1, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	
		
esttab using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\matched_ties_conn_by_type.tex", replace  b(3) se(3)  ///
	nodepvars nomtitles keep(dirIsPrevInv fndrConn fndrOverlapEduc  founderJobConn founderStartupConn invstrConn invstrOverlapEduc invstrJobConn invstrStartupConn   ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages) ///
						order(dirIsPrevInv fndrConn fndrOverlapEduc  founderJobConn founderStartupConn invstrConn invstrOverlapEduc invstrJobConn invstrStartupConn  ln_timeToSeriesA1 ln_earlyFunds vcInEarlyStages serialEntrepDum ) ///
		label mgroups("Early NE Director" "Early Non-investor Director" "Early VC Director" "Early Angel Director", pattern(1 0  1  1 1) prefix(\multicolumn{@span}{c}{) suffix(}) span erepeat(\cmidrule(lr){@span}))  ///
		noobs  stats(N pr2 group_fe , fmt(%10.0f %10.3f %12s)  layout(@ @ @ )  ///
		labels("Obs." "$ Adj.\: R^2$" "Group FE" )) ///		
		substitute(\_ _) star(* .1 ** .05 *** .01)		
		
		
* Panel B		
estimates clear			
	eststo: areg tie compExp dirIsPrevInv fndrConn invstrConn  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local conn_fe "Yes"
	estadd local group_fe "Yes"
	
	eststo: areg tie compExp dirIsPrevInv fndrConn invstrConn  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonInvBoard==1, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local conn_fe "Yes"
	estadd local group_fe "Yes"
	
	eststo: areg tie comp_founder comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO  dirIsPrevInv fndrConn invstrConn  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dum_founder dum_boardRole dum_executiveProf dum_noPatentsRol dum_MnA dum_IPO dum_founder_fi dum_boardRole_fi dum_executiveProf_fi dum_noPatentsRol_fi dum_MnA_fi dum_IPO_fi if nonInvBoard==1, a(appID) vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local conn_fe "Yes"
	estadd local group_fe "Yes"

	
	eststo: areg tie compExp dirIsPrevInv fndrConn invstrConn  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if vcInvDir==1, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local conn_fe "Yes"
	estadd local group_fe "Yes"
	
	eststo: areg tie comp_founder comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO  dirIsPrevInv fndrConn invstrConn  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dum_founder dum_boardRole dum_executiveProf dum_noPatentsRol dum_MnA dum_IPO dum_founder_fi dum_boardRole_fi dum_executiveProf_fi dum_noPatentsRol_fi dum_MnA_fi dum_IPO_fi if vcInvDir==1, a(appID) vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local conn_fe "Yes"
	estadd local group_fe "Yes"
	
	
	eststo: areg tie compExp dirIsPrevInv fndrConn invstrConn  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonvcInvDir==1, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local conn_fe "Yes"
	estadd local group_fe "Yes"
	
	eststo: areg tie comp_founder comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO  dirIsPrevInv fndrConn invstrConn  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dum_founder dum_boardRole dum_executiveProf dum_noPatentsRol dum_MnA dum_IPO dum_founder_fi dum_boardRole_fi dum_executiveProf_fi dum_noPatentsRol_fi dum_MnA_fi dum_IPO_fi if nonvcInvDir==1, a(appID) vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local conn_fe "Yes"
	estadd local group_fe "Yes"	
		
esttab using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\matched_ties_exp_by_type.tex", replace  b(3) se(3)  ///
	nodepvars nomtitles keep(compExp comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO  ) ///
						order(compExp comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO  ) ///
		label mgroups("Early NE Director" "Early Non-investor Director" "Early VC Director" "Early Angel Director", pattern(1 1 0 1 0 1 0) prefix(\multicolumn{@span}{c}{) suffix(}) span erepeat(\cmidrule(lr){@span}))  ///
		noobs  stats(N pr2 group_fe , fmt(%10.0f %10.3f %12s)  layout(@ @ @ )  ///
		labels("Obs." "$ Adj.\: R^2$" "Group FE" )) ///		
		substitute(\_ _) star(* .1 ** .05 *** .01)				
		

*********************************************************************************************
* Table 5: Attracting later-stage investors
*********************************************************************************************	
		
	
clear
use followupInvRegs		
						
estimates clear		
	eststo: areg invested  dir_lateInv_conn fdr_lateInv_conn inv_lateInv_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(invstmtID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg invested  dir_lateInv_conn_educ dir_lateInv_conn_job dir_lateInv_conn_startup fdr_lateInv_conn inv_lateInv_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(invstmtID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg invested  dir_lateInv_conn fdr_lateInv_conn inv_lateInv_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonInvBoard==1, a(invstmtID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg invested  dir_lateInv_conn fdr_lateInv_conn inv_lateInv_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if vcInvDir==1, a(invstmtID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg invested  dir_lateInv_conn fdr_lateInv_conn inv_lateInv_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonvcInvDir==1, a(invstmtID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
		
esttab using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\followupInv.tex", replace  b(3) se(3)  ///
	nodepvars nomtitles keep(dir_lateInv_conn dir_lateInv_conn_educ dir_lateInv_conn_job dir_lateInv_conn_startup  fdr_lateInv_conn inv_lateInv_conn ) ///
						order(dir_lateInv_conn dir_lateInv_conn_educ dir_lateInv_conn_job dir_lateInv_conn_startup fdr_lateInv_conn inv_lateInv_conn ) ///
		label mgroups("Early NE Director" "Early Non-investor Director" "Early VC Director" "Early Angel Director", pattern(1 0  1  1 1) prefix(\multicolumn{@span}{c}{) suffix(}) span erepeat(\cmidrule(lr){@span}))  ///
		noobs  stats(N pr2 strup_dir_ctrl group_fe , fmt(%10.0f %10.3f %12s %12s)  layout(@ @ @ @)  ///
		labels("Obs." "$ Adj.\: R^2$" "Startup \& Dir exp. controls" "Group FE" )) ///		
		substitute(\_ _) star(* .1 ** .05 *** .01)		
	


*********************************************************************************************
* Table 6: Attracting C-suite executives
*********************************************************************************************	
		
* Panel A		
clear
use ceo_recruit_data		
										
estimates clear		
	eststo: areg ceoChange  dir_ceo_conn fdr_ceo_conn inv_ceo_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(ceo_app_ID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg ceoChange  dir_ceo_conn_educ dir_ceo_conn_job dir_ceo_conn_startup fdr_ceo_conn inv_ceo_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(ceo_app_ID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg ceoChange  dir_ceo_conn fdr_ceo_conn inv_ceo_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonInvBoard==1, a(ceo_app_ID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg ceoChange  dir_ceo_conn fdr_ceo_conn inv_ceo_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if vcInvDir==1, a(ceo_app_ID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg ceoChange  dir_ceo_conn fdr_ceo_conn inv_ceo_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonvcInvDir==1, a(ceo_app_ID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
		
esttab using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\ceoChange.tex", replace  b(3) se(3)  ///
	nodepvars nomtitles keep(dir_ceo_conn dir_ceo_conn_educ dir_ceo_conn_job dir_ceo_conn_startup  fdr_ceo_conn inv_ceo_conn ) ///
						order(dir_ceo_conn dir_ceo_conn_educ dir_ceo_conn_job dir_ceo_conn_startup fdr_ceo_conn inv_ceo_conn ) ///
		label mgroups("Early NE Director" "Early Non-investor Director" "Early VC Director" "Early Angel Director", pattern(1 0  1  1 1) prefix(\multicolumn{@span}{c}{) suffix(}) span erepeat(\cmidrule(lr){@span}))  ///
		noobs  stats(N pr2 strup_dir_ctrl group_fe , fmt(%10.0f %10.3f %12s %12s)  layout(@ @ @ @)  ///
		labels("Obs." "$ Adj.\: R^2$" "Startup \& Dir exp. controls" "Group FE" )) ///		
		substitute(\_ _) star(* .1 ** .05 *** .01)		
	

* Panel B
clear
use exec_recruit_data		
										
estimates clear		
	eststo: areg exec_app  dir_exec_conn fdr_exec_conn inv_exec_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(exec_app_ID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg exec_app  dir_exec_conn_educ dir_exec_conn_job dir_exec_conn_startup fdr_exec_conn inv_exec_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(exec_app_ID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg exec_app  dir_exec_conn fdr_exec_conn inv_exec_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonInvBoard==1, a(exec_app_ID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg exec_app  dir_exec_conn fdr_exec_conn inv_exec_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if vcInvDir==1, a(exec_app_ID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg exec_app  dir_exec_conn fdr_exec_conn inv_exec_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonvcInvDir==1, a(exec_app_ID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
		
esttab using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\execChange.tex", replace  b(3) se(3)  ///
	nodepvars nomtitles keep(dir_exec_conn dir_exec_conn_educ dir_exec_conn_job dir_exec_conn_startup  fdr_exec_conn inv_exec_conn ) ///
						order(dir_exec_conn dir_exec_conn_educ dir_exec_conn_job dir_exec_conn_startup fdr_exec_conn inv_exec_conn ) ///
		label mgroups("Early NE Director" "Early Non-investor Director" "Early VC Director" "Early Angel Director", pattern(1 0  1  1 1) prefix(\multicolumn{@span}{c}{) suffix(}) span erepeat(\cmidrule(lr){@span}))  ///
		noobs  stats(N pr2 strup_dir_ctrl group_fe , fmt(%10.0f %10.3f %12s %12s)  layout(@ @ @ @)  ///
		labels("Obs." "$ Adj.\: R^2$" "Startup \& Dir exp. controls" "Group FE" )) ///		
		substitute(\_ _) star(* .1 ** .05 *** .01)		

		
*********************************************************************************************
* Table 7: Attracting later-stage directors
*********************************************************************************************	


clear
use dirFirmPairs_later_stage		
										
estimates clear		
	eststo: areg tie  dir_lDir_conn fdr_lDir_conn inv_lDir_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg tie  dir_lDir_conn_educ dir_lDir_conn_job dir_lDir_conn_startup fdr_lDir_conn inv_lDir_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg tie  dir_lDir_conn fdr_lDir_conn inv_lDir_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonInvBoard==1, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg tie  dir_lDir_conn fdr_lDir_conn inv_lDir_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if vcInvDir==1, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg tie  dir_lDir_conn fdr_lDir_conn inv_lDir_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonvcInvDir==1, a(appID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
		
esttab using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\laterDir_by_type.tex", replace  b(3) se(3)  ///
	nodepvars nomtitles keep(dir_lDir_conn dir_lDir_conn_educ dir_lDir_conn_job dir_lDir_conn_startup  fdr_lDir_conn inv_lDir_conn ) ///
						order(dir_lDir_conn dir_lDir_conn_educ dir_lDir_conn_job dir_lDir_conn_startup fdr_lDir_conn inv_lDir_conn ) ///
		label mgroups("Early NE Director" "Early Non-investor Director" "Early VC Director" "Early Angel Director", pattern(1 0  1  1 1) prefix(\multicolumn{@span}{c}{) suffix(}) span erepeat(\cmidrule(lr){@span}))  ///
		noobs  stats(N pr2 strup_dir_ctrl group_fe , fmt(%10.0f %10.3f %12s %12s)  layout(@ @ @ @)  ///
		labels("Obs." "$ Adj.\: R^2$" "Startup \& Dir exp. controls" "Group FE" )) ///		
		substitute(\_ _) star(* .1 ** .05 *** .01)		
		
		
		
*********************************************************************************************
* Table 8: Attracting acquirers
*********************************************************************************************	

clear
use sampleAcqMatched_conns			
									
estimates clear		
	eststo: areg acquired  dir_acqr_conn fdr_acqr_conn inv_acqr_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(dealID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg acquired  dir_acqr_conn_educ dir_acqr_conn_job dir_acqr_conn_startup fdr_acqr_conn inv_acqr_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp, a(dealID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg acquired  dir_acqr_conn fdr_acqr_conn inv_acqr_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonInvBoard==1, a(dealID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg acquired  dir_acqr_conn fdr_acqr_conn inv_acqr_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if vcInvDir==1, a(dealID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
	
	eststo: areg acquired  dir_acqr_conn fdr_acqr_conn inv_acqr_conn ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp if nonvcInvDir==1, a(dealID)	vce(cl pri_category)	
	estadd scalar pr2 =`e(r2_a)' 
	estadd local group_fe "Yes"
	estadd local strup_dir_ctrl "Yes"
		
esttab using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\acqConnAnalysis.tex", replace  b(3) se(3)  ///
	nodepvars nomtitles keep(dir_acqr_conn dir_acqr_conn_educ dir_acqr_conn_job dir_acqr_conn_startup  fdr_acqr_conn inv_acqr_conn ) ///
						order(dir_acqr_conn dir_acqr_conn_educ dir_acqr_conn_job dir_acqr_conn_startup fdr_acqr_conn inv_acqr_conn ) ///
		label mgroups("Early NE Director" "Early Non-investor Director" "Early VC Director" "Early Angel Director", pattern(1 0  1  1 1) prefix(\multicolumn{@span}{c}{) suffix(}) span erepeat(\cmidrule(lr){@span}))  ///
		noobs  stats(N pr2 strup_dir_ctrl group_fe , fmt(%10.0f %10.3f %12s %12s)  layout(@ @ @ @)  ///
		labels("Obs." "$ Adj.\: R^2$" "Startup \& Dir exp. controls" "Group FE" )) ///		
		substitute(\_ _) star(* .1 ** .05 *** .01)		
		
		
*********************************************************************************************
* Table 9: Propensity to attract stakeholders
*********************************************************************************************			
clear
use forSummaryTables	
	gen ln_laterFunds =log(1+laterFunds)
	gen ln_timeToSeriesA1=log(timeToSeriesA1) 
	gen ln_earlyFunds=log(1+earlyFunds) 
* Panel A
estimates clear
eststo: reghdfe ln_laterFunds ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp compExp  if board==1 , a(pri_category startup_loc foundingYr) cl(pri_category)
	estadd scalar gfit= `e(r2_a)'
	estadd local strtup "Yes"
	estadd local foundYr "Yes"

eststo: reghdfe ceoChange ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp compExp  if board==1 , a(pri_category startup_loc foundingYr) cl(pri_category)
	estadd scalar gfit= `e(r2_a)'
	estadd local strtup "Yes"
	estadd local foundYr "Yes"
	
eststo: reghdfe exec_hire ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp compExp  if board==1 , a(pri_category startup_loc foundingYr) cl(pri_category)
	estadd scalar gfit= `e(r2_a)'
	estadd local strtup "Yes"
	estadd local foundYr "Yes"
	
eststo: reghdfe later_board ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp compExp  if board==1 , a(pri_category startup_loc foundingYr) cl(pri_category)
	estadd scalar gfit= `e(r2_a)'
	estadd local strtup "Yes"
	estadd local foundYr "Yes"
	
eststo: reghdfe acquired ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp compExp  if board==1 , a(pri_category startup_loc foundingYr) cl(pri_category)
	estadd scalar gfit= `e(r2_a)'
	estadd local strtup "Yes"
	estadd local foundYr "Yes"
	

esttab using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\startup_brd_exp_idx_plug.tex", replace  b(3) se(3)  ///
		keep(dirExp fi_exp compExp ) ///
		order(compExp fi_exp dirExp ) ///
		label stats(gfit strtup foundYr , fmt(%10.0f %10.3f %12s )  layout(@ @ @ @)  ///
		labels("Obs." "$ Adj.\:R^{2} $" "Startup Controls" "Founded Yr, Prod. Market, City F.E." )) ///			
		substitute(\_ _) star(* .1 ** .05 *** .01)		

		
* Panel B		
estimates clear
eststo: reghdfe ln_laterFunds ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp comp_founder comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO   if board==1 , a(pri_category startup_loc foundingYr) cl(pri_category)
	estadd scalar gfit= `e(r2_a)'
	estadd local strtup "Yes"
	estadd local foundYr "Yes"

eststo: reghdfe ceoChange ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp comp_founder comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO   if board==1 , a(pri_category startup_loc foundingYr) cl(pri_category)
	estadd scalar gfit= `e(r2_a)'
	estadd local strtup "Yes"
	estadd local foundYr "Yes"
	
eststo: reghdfe exec_hire ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp comp_founder comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO   if board==1 , a(pri_category startup_loc foundingYr) cl(pri_category)
	estadd scalar gfit= `e(r2_a)'
	estadd local strtup "Yes"
	estadd local foundYr "Yes"
	
eststo: reghdfe later_board ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp comp_founder comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO   if board==1 , a(pri_category startup_loc foundingYr) cl(pri_category)
	estadd scalar gfit= `e(r2_a)'
	estadd local strtup "Yes"
	estadd local foundYr "Yes"
	
eststo: reghdfe acquired ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages dirExp fi_exp comp_founder comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO   if board==1 , a(pri_category startup_loc foundingYr) cl(pri_category)
	estadd scalar gfit= `e(r2_a)'
	estadd local strtup "Yes"
	estadd local foundYr "Yes"
	

esttab using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\startup_brd_exp_detail.tex", replace  b(3) se(3)  ///
		keep(dirExp fi_exp comp_founder comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO  ) ///
		order(comp_founder comp_boardRole comp_executiveProf comp_noPatentsRol comp_MnA comp_IPO fi_exp dirExp ) ///
		label stats(gfit strtup foundYr , fmt(%10.0f %10.3f %12s )  layout(@ @ @ @)  ///
		labels("Obs." "$ Adj.\:R^{2} $" "Startup Controls" "Founded Yr, Prod. Market, City F.E." )) ///			
		substitute(\_ _) star(* .1 ** .05 *** .01)		

		
*********************************************************************************************
* Table 10: Outcomes
*********************************************************************************************					

clear
use forSummaryTables	

	gen ln_timeToSeriesA1=log(timeToSeriesA1) 
	gen ln_earlyFunds=log(1+earlyFunds) 
	gen lnDirSupply=log(1+dirSupply)
* Panel A
estimates clear

	ivreghdfe lnLaterFunds   (board =  lnDirSupply) ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages, a(pri_category startup_loc foundingYr ) cl(pri_category) robust first savefirst
	estadd scalar gfit= `e(r2_a)'
	estadd scalar cd_f=`e(widstat)'
	estadd local sampl "Full"
	estadd local foundYr "Yes"
	estadd local strup "Yes"
	est store _ivreghdfe_lnLaterFunds
	est restore _ivreg2_board
	
	ivreghdfe vcInLaterStages   (board =  lnDirSupply)  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages, a(pri_category startup_loc foundingYr ) cl(pri_category) robust 
	estadd scalar gfit= `e(r2_a)'
	estadd local sampl "Full"
	estadd local foundYr "Yes"
	estadd local strup "Yes"
	est store _ivreghdfe_vcInLaterStages
	
	ivreghdfe lnNoFirmPatents (board =  lnDirSupply)  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages, a(pri_category startup_loc foundingYr ) cl(pri_category) robust 
	estadd scalar gfit= `e(r2_a)'
	estadd local sampl "Full"
	estadd local foundYr "Yes"
	estadd local strup "Yes"
	est store _ivreghdfe_lnNoFirmPatents
	
	ivreghdfe succExit (board =  lnDirSupply) ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages, a(pri_category startup_loc foundingYr ) cl(pri_category) robust 
	estadd scalar gfit= `e(r2_a)'
	estadd local sampl "Full"
	estadd local foundYr "Yes"
	estadd local strup "Yes"
	est store _ivreghdfe_succExit
	
	ivreghdfe ipo (board =  lnDirSupply) ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages  if succExit==1, a(pri_category startup_loc foundingYr ) cl(pri_category) robust 
	estadd scalar gfit= `e(r2_a)'
	estadd local sampl "Success=1"
	estadd local foundYr "Yes"
	estadd local strup "Yes"
	est store _ivreghdfe_ipo
	
	
esttab _ivreg2_board _ivreghdfe_lnLaterFunds _ivreghdfe_vcInLaterStages _ivreghdfe_lnNoFirmPatents _ivreghdfe_succExit _ivreghdfe_ipo using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\outcomes_iv.tex", replace  b(3) se(3)  ///
		keep(lnDirSupply board  ) ///
		order(lnDirSupply board ) ///
		label stats(gfit strup foundYr cd_f sampl, fmt(%10.3f %12s %12s %10.3f %12s)  layout(@ @ @ @ @)  ///
		labels("Obs." "$ Adj.\:R^{2} $" "Startup Controls" "Founded Yr, Prod. Market, Location F.E." "F statistic of excluded instrument" )) ///			
		substitute(\_ _) star(* .1 ** .05 *** .01)		
	

* Panel B
estimates clear
	ivreghdfe lnLaterFunds   (non_invBoard =  lnDirSupply) ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages, a(pri_category startup_loc foundingYr ) cl(pri_category) robust  first savefirst
	estadd scalar gfit= `e(r2_a)'
	estadd scalar cd_f=`e(widstat)'
	estadd local sampl "Full"
	estadd local foundYr "Yes"
	estadd local strup "Yes"
	est store _ivreghdfe_lnLaterFunds
	est restore _ivreg2_non_invBoard
	
	ivreghdfe vcInLaterStages   (non_invBoard =  lnDirSupply)  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages, a(pri_category startup_loc foundingYr ) cl(pri_category) robust 
	estadd scalar gfit= `e(r2_a)'
	estadd local sampl "Full"
	estadd local foundYr "Yes"
	estadd local strup "Yes"
	est store _ivreghdfe_vcInLaterStages
	
	ivreghdfe lnNoFirmPatents1 (non_invBoard =  lnDirSupply)  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages, a(pri_category startup_loc foundingYr ) cl(pri_category) robust 
	estadd scalar gfit= `e(r2_a)'
	estadd local sampl "Full"
	estadd local foundYr "Yes"
	estadd local strup "Yes"
	est store _ivreghdfe_lnNoFirmPatents
	
	ivreghdfe succExit (non_invBoard =  lnDirSupply)  ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages, a(pri_category startup_loc foundingYr ) cl(pri_category) robust 
	estadd scalar gfit= `e(r2_a)'
	estadd local sampl "Full"
	estadd local foundYr "Yes"
	estadd local strup "Yes"
	est store _ivreghdfe_succExit
	
	ivreghdfe ipo (non_invBoard =  lnDirSupply) ln_timeToSeriesA1 serialEntrepDum ln_earlyFunds vcInEarlyStages if succExit==1, a(pri_category startup_loc foundingYr ) cl(pri_category) robust 
	estadd scalar gfit= `e(r2_a)'
	estadd local sampl "Success=1"
	estadd local foundYr "Yes"
	estadd local strup "Yes"
	est store _ivreghdfe_ipo
	
	
esttab _ivreg2_non_invBoard _ivreghdfe_lnLaterFunds _ivreghdfe_vcInLaterStages _ivreghdfe_lnNoFirmPatents _ivreghdfe_succExit _ivreghdfe_ipo using "D:\OneDrive - University of Central Florida\Projects\privateBoards\tex\tables\outcomes_iv_invBrd.tex", replace  b(3) se(3)  ///
		keep(lnDirSupply non_invBoard  ) ///
		order(lnDirSupply non_invBoard ) ///
		label stats(gfit strup foundYr cd_f sampl, fmt(%10.3f %12s %12s %10.3f %12s)  layout(@ @ @ @ @)  ///
		labels("Obs." "$ Adj.\:R^{2} $" "Startup Controls" "Founded Yr, Prod. Market, Location F.E." "Cragg-Donald Wald F statistic" )) ///			
		substitute(\_ _) star(* .1 ** .05 *** .01)		
	
	
			
	